James Fisher, a Barrow-based marine services and nuclear technology company, announced a 27% rise in annual profits.
In the last six months up to June, the group’s underlying profit was up by 21%. The company attributed growth to its investment in Asia and the developing world, combined with a strong performance in the North Sea and the Norwegian markets.
Sales in the UK struggled to set sail, although the company posted small profits following the disposal of two ships in 2011.
Chief executive James Henry said: “James Fisher has made good progress during the period, maintaining the double-digit growth rates achieved in both revenue and profit in 2011.
“The high growth rate achieved in the first half of the year reflects a number of major contract deliveries and should not therefore be extrapolated into the second half.”
“Nevertheless, James Fisher remains on a healthy growth path which provides confidence for the future. The company is trading to management expectations to date in the second half and continues to be well placed to deliver further value to our shareholders.”
Chairman Tim Harris retired at the end of July after ten years, during which time the company’s profit and turnover has quadrupled.
A statement from Charles Rice, who has been appointed as non-executive chairman following Harris’ departure, said: “Tim left a company confident of its future, with a stable and well proven strategy and an experienced and successful management team.”